A young Australian has revealed that he managed to save $350,000 by the time he turned 26 by making a series of sacrifices.
The Sydney resident revealed his extraordinary personal wealth after he was stopped in the street by property app Coposit.
The man said he had been working since he was 14 after getting his first job at Woolworths.
He admitted that he was able to save a lot of money by making several lifestyle changes.
“I don’t really have a lot of expenses… I still live at home,” she said in the TikTok video.
She said living at home had allowed her to save money instead of wasting it on rent.
He said he doesn’t own a car and mostly uses public transport and “has a pretty good life at home, to be honest.”
Asked how other 26-year-olds could emulate his savings success, he offered some prudent advice.
A young Australian has revealed that he managed to save $350,000 by the time he turned 26 by making a series of sacrifices.
“I would say start working early and start saving early,” he said.
“The sooner you start, the more you’ll have later. Stay home and cut back on those expenses if you can.”
The young Australian said it was his 30-year-old brother, who recently bought a second property, who inspired him to start looking into the property market.
“That’s when I started thinking, ‘Well, maybe it’s time to get into the market and start investing,'” he said.
“I have all this money lying on the ground and doing nothing,” he said.
“I’m a pretty risk-averse person.”
“I wouldn’t really invest in stocks or anything like that, so it was just sitting in a bank account earning 4 percent.”
Social media users had mixed opinions about the young Australian’s success.
Many praised the young man for accumulating such an impressive amount in savings.
“Very impressive, good for him,” wrote one.
“He is very fortunate to be able to live at home and save money. I would have done the same if I could have.”
“Great, man! All you need to do is live frugally. Don’t travel or do stupid things like the world is going to end tomorrow,” wrote another.
Some believed that I needed to experience life more.
The man said he had been working since he was 14 after landing his first job at Woolworths (file image)
“Nice achievement, but when he turns 40 he’ll want to travel more and date girls instead of living at home with mom and dad taking the bus,” wrote one.
“I can’t imagine not spending anything for 12 years. I’d like to kill myself,” wrote another.
Finder Consumer Sentiment Tracker data for May-June 2023 showed that on average, Australians aged 18-26 have $9,940 in savings.
The data reveals that men between 18 and 26 years old have $10,835 in savings and women $8,837.
